Competing In The Global Environment: What Does Business Want From Economics

Abstract

Despite globalization and the associated increased need for understanding of the real and financial processes at work in the global economy, since the 1950’s there has been an ongoing significant and worldwide fall in the number and quality of undergraduates studying for an economics degree.  Surprisingly, responses by the economics profession have included very little serious consideration of the factors underlying the actual and potential demand by business for their product.  This paper explores and identifies the fundamental characteristics of the real world environment in which business activity takes place and which shape the kinds of decisions that are important to business.  It is seen that the content and presentation of current economics curricula bear little relation to this environment even though economic analysis and insight have significant potential to make international business decision-making more profitable.  Directions for the development of business economics curricula are suggested.